UNITED GLOBAL RECOVERY FUNDS - United High Grade Corporate Bond Fund United China-India Dynamic Growth Fund
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UNITED GLOBAL RECOVERY FUNDS
United High Grade Corporate Bond Fund
United China-India Dynamic Growth Fund
P r o s p e c t u s
Jun ’21This is a replacement prospectus lodged with the Monetary Authority of Singapore (the "Authority") on 19 July 2021 pursuant to Section 298 of the Securities and Futures Act (Chapter 289 of Singapore) and it replaces the prospectus registered by the Authority on 18 June 2021.
DIRECTORY
Managers
UOB Asset Management Ltd
(Company Registration No. 198600120Z)
Registered office: Operating office:
80 Raffles Place 80 Raffles Place
UOB Plaza 3rd Storey
Singapore 048624 UOB Plaza 2
Singapore 048624
Directors of the Managers
Lee Wai Fai
Thio Boon Kiat
Eric Tham Kah Jin
Peh Kian Heng
Trustee
State Street Trust (SG) Limited
(Company Registration No. 201315491W)
168 Robinson Road, #33-01 Capital Tower
Singapore 068912
Sub-manager (United China-India Dynamic Growth Fund – India portfolio)
UTI International (Singapore) Private Limited
3 Raffles Place, #08-02 Bharat Building
Singapore 048617
Custodian / Administrator / Registrar
State Street Bank and Trust Company, acting through its Singapore Branch
168 Robinson Road, #33-01 Capital Tower
Singapore 068912
Auditors
PricewaterhouseCoopers LLP
7 Straits View, Marina One, East Tower, Level 12
Singapore 018936
Solicitors to the Managers
Tan Peng Chin LLC
50 Raffles Place, #27-01 Singapore Land Tower
Singapore 048623
Solicitors to the Trustee
Shook Lin & Bok LLP
1 Robinson Road, #18-00 AIA Tower
Singapore 048542
iDEFINITIONS
Unless the context otherwise requires, terms defined in the Deed have the same meaning when used in this Prospectus and
the following expressions have the following meanings, subject to the definitions in the Deed.
Accumulation Class A Class of a Sub-Fund which does not declare or pay distributions but
accumulates investment gains and income in its NAV.
ATMs Automated teller machines.
Authorised Investments See paragraph 6.3 of this Prospectus.
Authority Monetary Authority of Singapore.
Business Day A day (other than Saturday, Sunday or a gazetted public holiday) on which
commercial banks are open for business in Singapore, or any other day as the
Managers and the Trustee may agree in writing.
China The People’s Republic of China.
Class Any class of Units in the relevant Sub-Fund which may be designated
as a class distinct from another class in the relevant Sub-Fund as may be
determined by the Managers from time to time.
Class currency The currency of denomination of the relevant Class.
CMP Regulations means:
(a) MAS Notice SFA 04-N12: Notice on the Sale of Investment Products
issued by the Authority; and
(b) Securities and Futures (Capital Markets Products) Regulations 2018.
Code Code on Collective Investment Schemes issued by the Authority, as amended
from time to time. The latest version is available at www.mas.gov.sg.
custodian Includes any person or persons for the time being appointed as a custodian of
the Sub-Funds or any of their assets.
Dealing Day In connection with the issuance, cancellation, valuation and realisation of
Units of a Sub-Fund, generally every Business Day. The Managers may
change the Dealing Day after consulting the Trustee, provided that the
Managers give reasonable notice of such change to all Holders on terms
approved by the Trustee.
If on any day which would otherwise be a Dealing Day, the Recognised
Market on which investments of a particular Sub-Fund having in aggregate
values amounting to at least 50% of the value of the assets of that Sub-Fund
(as at the relevant Valuation Point) are quoted, listed, or dealt in is not open
for normal trading, the Managers may determine that that day shall not be a
Dealing Day.
Dealing Deadline The deadline set out in paragraphs 9.3 and 11.1 or such other time as the
Managers may determine subject to the provisions of the Deed.
Deed See paragraph 1.5 of this Prospectus.
iiDeposited Property All of the assets for the time being held or deemed to be held upon the trusts
of the Deed (or if the context so requires, the part thereof attributable to a
Sub-Fund) excluding any amount for the time being standing to the credit of
the relevant distribution account referred to in Clause 22.3 of the Deed.
Distribution Class A Class of a Sub-Fund which declares and pays distributions in accordance
with the applicable distribution policies.
Excluded Investment Products are defined:
(a) as such under MAS Notice SFA 04-N12: Notice on the Sale of Investment
Products and MAS Notice FAA-N16: Notice on Recommendations on
Investment Products issued by the Authority; and
(b) as “prescribed capital markets products” under the Securities and
Futures (Capital Markets Products) Regulations 2018.
FATCA The U.S. Foreign Account Tax Compliance Act, as amended from time to time.
FDIs or derivatives Financial derivative instruments.
Fund United Global Recovery Funds.
Gross Investment Amount The amount paid by an investor for the purpose of investing in Units, before
deduction of the applicable Subscription Fee.
Gross Realisation Proceeds The amount payable to a Holder upon the realisation of its Units, before
deduction of the applicable Realisation Fee.
Group Fund A collective investment scheme the manager of which:
(a) is the Managers or a corporation under their control or under common
control with them or at least 50% of the share capital of which is held
by a corporation which is a shareholder of the Managers; and
(b) has approved the terms of any switch which may be made pursuant to
the Deed.
Hedged Class A Class of a Sub-Fund to which the currency hedging strategy as described
under the heading “Hedged Classes” in paragraph 8.1(b) is applied.
Holder A unitholder of the relevant Sub-Fund.
IGA Intergovernmental agreement.
India The Republic of India.
Managers or UOBAM UOB Asset Management Ltd or any other person for the time being duly
appointed as managers of the Fund. References to “we”, “us” or “our” shall
be construed accordingly to mean UOB Asset Management Ltd.
NAV Net asset value.
Net Investment Amount The amount paid by an investor for the purpose of investing in Units, after
deduction of the applicable Subscription Fee.
Net Realisation Proceeds The amount payable to a Holder upon the realisation of its Units, after
deduction of the applicable Realisation Fee.
iiiRate of Exchange Such exchange rate (whether official or otherwise) which the Managers, after
consultation with the Trustee or in accordance with a method approved by the
Trustee, deem appropriate in all circumstances.
Register The register of Holders of the relevant Sub-Fund.
RSP Regular savings plan.
SFA Securities and Futures Act, Chapter 289 of Singapore, as amended from time
to time.
Singapore dollars / SGD / S$ The lawful currency of Singapore.
SRS Supplementary Retirement Scheme.
Stock Connects The Shanghai-Hong Kong Stock Connect, the Shenzhen-Hong Kong Stock
Connect and any other similar programme which may be introduced from
time to time.
Sub-Fund currency The currency of denomination of the relevant Sub-Fund.
Sub-Funds The sub-funds of the Fund offered pursuant to this Prospectus and “Sub-
Fund” shall mean any one of them.
Sub-manager or UTIIS UTI International (Singapore) Private Limited.
Trustee State Street Trust (SG) Limited or any other person for the time being duly
appointed as trustee of the Fund.
U.S. United States of America.
United States dollars / USD / US$ The lawful currency of the U.S..
Units Units of the relevant Sub-Fund, the relevant Class, all relevant Sub-Funds or
all relevant Classes within a Sub-Fund (as the case may be).
UTI AMC UTI Asset Management Company Limited, India.
UTIIS UTI International (Singapore) Private Limited.
Valuation Point The close of business of the last relevant market in relation to the relevant
Dealing Day on which the NAV of the relevant Sub-Fund or Class of a Sub-
Fund (as the case may be) is to be determined or such other time on the
relevant Dealing Day or such other day as the Managers may determine with
the prior approval of the Trustee who shall determine if a notice to notify the
affected Holders of such determination is required.
ivIMPORTANT INFORMATION
The collective investment schemes offered in this Prospectus are constituted in Singapore and are authorised schemes
under the SFA. A copy of this Prospectus has been lodged with and registered by the Authority. The Authority assumes no
responsibility for the contents of this Prospectus. Registration of this Prospectus by the Authority does not imply that the
SFA or any other legal or regulatory requirements have been complied with. The Authority has not, in any way, considered
the investment merits of the Sub-Funds.
We have taken all reasonable care to ensure that the information in this Prospectus is, to the best of our knowledge and
belief, accurate and does not omit anything which would make any statement in this Prospectus misleading.
You should refer to the Deed in conjunction with this Prospectus. A copy of the Deed is available for inspection at our
operating office during normal business hours (subject to such reasonable restrictions as we may impose). If you are in
any doubt about the contents of this Prospectus or the Deed, you should seek independent professional advice.
Before investing, you should consider the usual risks of investing and participating in collective investment schemes, and
the risks of investing in the relevant Sub-Fund which are set out in this Prospectus. Your investments can be volatile and
there is no assurance that the Sub-Funds will be able to attain their objectives. The prices of Units as well as the income
from them may go up as well as down to reflect changes in the value of the relevant Sub-Fund. You should only invest if
you can sustain losses on your investment. You should satisfy yourself that investing in the relevant Sub-Fund is suitable
based on your personal circumstances.
This Prospectus does not constitute an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation
is not authorised or to any person to whom it is unlawful to make such offer or solicitation, and may only be used in
connection with the offering of the Units as contemplated herein.
You should seek independent professional advice to ascertain (a) the possible tax consequences, (b) the applicable legal
requirements and (c) any foreign exchange restrictions or exchange control requirements, which you may encounter
under the laws of the country of your citizenship, residence or domicile and which may be relevant to your subscription,
holding or disposal of Units. We make no representation as to the tax status of the Fund or any Sub-Fund. You should keep
yourself informed of, and observe, all such laws and regulations in any relevant jurisdiction that may be applicable to you.
Units are offered on the basis of the information contained in this Prospectus and the documents referred to in this
Prospectus. No person is authorised to give any information or make any representations concerning the Fund or the Sub-
Funds other than as contained in this Prospectus. Any investment made on the basis of information or representations not
contained in or inconsistent with the information or representations in this Prospectus will be solely at your risk. This
Prospectus may be updated from time to time to reflect material changes and you should check if a more recent Prospectus
or supplement is available. Certain minor updates to the information in this Prospectus may be announced on our website
at uobam.com.sg or any other website designated by us from time to time.
Units are not listed and you may only deal with Units through us or our authorised agents or distributors subject to the
terms of the Deed.
Prior to 24 August 2021: Units are capital markets products other than prescribed capital markets products (as defined in the
Securities and Futures (Capital Markets Products) Regulations 2018) and Specified Investment Products (as defined in MAS
Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on
Investment Products).
With effect from 24 August 2021:
In relation to United High Grade Corporate Bond Fund: Units are Excluded Investment Products.
In relation to all other Sub-Funds: Units are capital markets products other than prescribed capital markets products (as defined
in the Securities and Futures (Capital Markets Products) Regulations 2018) and Specified Investment Products (as defined in
MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations
on Investment Products).
Applications may be made in other jurisdictions to enable Units to be marketed freely in those jurisdictions.
vProhibition against U.S. investors
Units are being offered and sold outside the United States to persons that are not:
(i) U.S. Persons (as defined in Regulation S promulgated under the Securities Act of 1933 of the U.S., as amended
(the “U.S. Securities Act”)) in reliance on Regulation S promulgated under the U.S. Securities Act; or
(ii) “United States persons” (as defined in Section 7701(a)(30) of the U.S. Internal Revenue Code, as amended, and
referred to herein as “U.S. Taxpayers”). Currently, the term “U.S. Taxpayer” includes: a U.S. citizen or resident
alien of the United States (as defined for U.S. federal income tax purposes); any entity treated as a partnership
or corporation for U.S. tax purposes that is created or organized in, or under the laws of, the United States or any
state thereof (including the District of Columbia); any other partnership that may be treated as a U.S. Taxpayer
under future U.S. Treasury Department regulations; any estate, the income of which is subject to U.S. income
taxation regardless of source; and any trust over whose administration a court within the United States has primary
supervision and all substantial decisions of which are under the control of one or more U.S. fiduciaries. Persons
who have lost their U.S. citizenship and who live outside the United States may nonetheless, in some circumstances,
be treated as U.S. Taxpayers. Persons who are aliens as to the United States but who have spent 183 days or more
in the United States in any of the last two years should check with their tax advisors as to whether they may be
considered residents of the United States.
Units are not and may not be offered, made available, sold to or for the account of any U.S. Persons or U.S. Taxpayers.
You may be required to declare that you are not a U.S. Taxpayer and that you are neither acquiring Units on behalf of U.S.
Taxpayers nor acquiring Units with the intent to sell or transfer them to U.S. Taxpayers.
Foreign Account Tax Compliance Act and Common Reporting Standard (“CRS”)
FATCA
FATCA was enacted in 2010 by the United States Congress as part of the U.S. Hiring Incentives to Restore Employment
(HIRE) Act to target non-compliance with tax laws by U.S. Taxpayers using overseas accounts. Under FATCA, financial
institutions outside of the U.S. are required to regularly submit information on financial accounts held by U.S. Taxpayers
to the U.S. tax authorities. Failure to comply with FATCA may, amongst other things, subject the relevant Sub-Fund to
U.S. withholding tax on certain types of payments made to the Sub-Fund. Accordingly, it is intended that the Sub-Funds
comply with FATCA.
For the purpose of complying with FATCA, we, the Trustee and/or other service providers of the relevant Sub-Fund may
be required to report and disclose information on certain investors in the relevant Sub-Fund to the U.S. tax authorities
and/or such Singapore authority as may be required under Singapore laws and regulations to be implemented as part of
any IGA entered into between the U.S. and Singapore1 in connection with FATCA and/or withhold certain payments to
such investors.
CRS
CRS, endorsed by the Organisation for Economic Co-operation and Development (OECD) and the Global Forum for
Transparency and Exchange of Information for Tax Purposes, is an internationally agreed standard for the automatic
exchange of information on financial accounts between jurisdictions with the objective of detecting and deterring tax
evasion through the use of offshore bank accounts.
In Singapore, the Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations
2016 require financial institutions such as us to conduct due diligence (including the collection, review and retention of
financial account information) and report financial account information relating to specified persons from jurisdictions
with which Singapore has a “competent authority agreement” (“CAA”) to the Inland Revenue Authority of Singapore
(IRAS). Such information may subsequently be exchanged with Singapore’s CAA partners. Singapore may enter into
further IGAs, or the relevant authorities may enact further legislation or impose further requirements, which will form
part of the CRS.
1
Pursuant to the IGA entered into between Singapore and the U.S. on 9 December 2014, Singapore-based financial institutions
(such as us) will report information on financial accounts held by U.S. Taxpayers to the Inland Revenue Authority of Singapore
(IRAS), which will in turn provide the information to the U.S. tax authorities.
vi***
You are required to:
(a) provide such information, documents and assistance in connection with the above or any other tax or other
information reporting regime as we and/or the Trustee may require from time to time; and
(b) notify us or any of our authorised agents or distributors in writing immediately if you are or become a U.S.
Taxpayer, or are holding Units for the account of or benefit of a U.S. Taxpayer.
You are also deemed to have consented to us, the Trustee and/or other service providers to the relevant Sub-Fund carrying
out our/their obligations in reporting and disclosing information on you and your investments to the relevant authorities
as described above or pursuant to any other tax or other information reporting regime.
***
We may compulsorily realise all or any of your Units in any of the circumstances set out under paragraph 21.2 of
this Prospectus.
You may direct your enquiries in relation to the Fund or the Sub-Funds to us or our authorised agents or distributors.
viiTABLE OF CONTENTS
Contents Page
1. BASIC INFORMATION........................................................................................................................................... 1
2. THE MANAGERS, THEIR DIRECTORS AND KEY EXECUTIVES ................................................................. 2
3. THE SUB-MANAGER AND INVESTMENT ADVISOR OF UNITED CHINA-INDIA DYNAMIC
GROWTH FUND – INDIA PORTFOLIO............................................................................................................ 4
4. THE TRUSTEE, CUSTODIAN AND ADMINISTRATOR..................................................................................... 4
5. OTHER PARTIES..................................................................................................................................................... 5
6. INVESTMENT CONSIDERATIONS...................................................................................................................... 6
7. FEES AND CHARGES ........................................................................................................................................... 8
8. RISKS........................................................................................................................................................................ 9
9. SUBSCRIPTION OF UNITS.................................................................................................................................. 14
10. REGULAR SAVINGS PLAN................................................................................................................................. 18
11. REALISATION OF UNITS.................................................................................................................................... 19
12. SWITCHING OF UNITS........................................................................................................................................ 21
13. OBTAINING PRICES OF UNITS.......................................................................................................................... 22
14. SUSPENSION OF DEALINGS.............................................................................................................................. 23
15. PERFORMANCE OF THE SUB-FUNDS............................................................................................................. 24
16. SOFT DOLLAR COMMISSIONS/ARRANGEMENTS....................................................................................... 24
17. CONFLICTS OF INTEREST................................................................................................................................. 25
18. REPORTS................................................................................................................................................................ 27
19. QUERIES AND COMPLAINTS............................................................................................................................ 27
20. OTHER MATERIAL INFORMATION.................................................................................................................. 27
21. PROVISIONS OF THE DEED............................................................................................................................... 28
APPENDIX 1 – UNITED HIGH GRADE CORPORATE BOND FUND........................................................................ 35
APPENDIX 2 – UNITED CHINA-INDIA DYNAMIC GROWTH FUND..................................................................... 41
viiiUNITED GLOBAL RECOVERY FUNDS
PROSPECTUS
1. BASIC INFORMATION
1.1 Fund details
United Global Recovery Funds is an umbrella unit trust under which we may establish sub-funds to be managed as
separate and distinct trusts. This is a Prospectus for the following Sub-Funds of the Fund:
(a) United High Grade Corporate Bond Fund
(b) United China-India Dynamic Growth Fund
1.2 Date of registration and expiry of Prospectus
This is a replacement prospectus lodged with the Authority on 19 July 2021 and replaces the previous prospectus
for the Fund that was registered with the Authority on 18 June 2021. It is valid up to 17 June 2022 and will expire
on 18 June 2022.
1.3 Information on Sub-Funds
The general disclosures applying to all Sub-Funds are set out in the main body of this Prospectus while disclosures
specific to each Sub-Fund are set out in the relevant Appendix for the Sub-Fund.
1.4 Classes of Units
Each Sub-Fund may consist of one or more Classes of Units. Different Classes may have different characteristics
such as the Class currency, fee structure, minimum threshold amounts for subscription and holding, distribution
policy, eligibility requirements and the availability of a RSP. A separate NAV per Unit (in the relevant Class
currency), which may differ as a consequence of such variable factors, will be calculated for each Class. Save for
such differences, Holders of each Class of a Sub-Fund have materially the same rights and obligations under the
Deed. You should note that the assets of a Sub-Fund are pooled and invested as a single fund and are not segregated
in respect of each Class.
Note on naming convention:
• Classes designated “A” are available for subscription by all investors.
• Classes designated “B” are available for subscription by institutional clients and such other persons as we
may from time to time determine in our sole discretion.
• Classes designated “Z” are available for subscription only with our prior written approval.
• The currency stated in the name of a Class is its Class currency: e.g. the Class currency of Class A SGD
Dist is SGD.
• “Dist” or “Acc” refers to whether the Class is a Distribution Class (which may make distributions) or
Accumulation Class (which accumulates investment gains and income in its NAV) respectively.
• If the Class name contains “(Hedged)” then it is a Hedged Class.
We may at any time establish new Classes within a Sub-Fund. We may re-designate the Units in any existing Sub-
Fund or Class so long as there is no prejudice to the existing Holders of such Sub-Fund or Class as a whole. Subject
to the foregoing, we may, with prior notice to the Trustee, launch or delay the launch of any Class at any time.
Details of the Classes of Units offered by the Sub-Funds, if any, are set out in the relevant Appendices.
11.5 Trust deed and supplemental deeds
(a) The Fund was constituted by way of a trust deed dated 30 January 2009, which has since been amended by
the following deeds:
First Amending and Restating Deed 8 July 2009
Second Amending and Restating Deed 17 July 2009
Third Amending and Restating Deed 28 October 2009
Fourth Amending and Restating Deed 22 October 2010
Fifth Amending and Restating Deed 31 August 2011
First Supplemental Deed 23 April 2015
Supplemental Deed of Appointment and Retirement of Trustee 24 February 2017
Second Supplemental Deed 19 July 2017
Third Supplemental Deed 19 July 2021
The trust deed dated 30 January 2009, as amended, shall be referred to as the “Deed”.
(b) The Deed is binding on each Holder and all persons claiming through such Holder as if each of them had
been a party to the Deed.
(c) You may inspect a copy of the Deed free of charge at our operating office during normal business hours,
subject to such reasonable restrictions as we may impose. You may request for a copy at a charge not
exceeding S$25 per copy or such other amount as we and the Trustee may from time to time agree.
1.6 Accounts and reports
You may obtain copies of the latest semi-annual and annual reports, semi-annual and annual accounts, and the
auditors’ report on the annual accounts of each Sub-Fund, at our operating office during normal business hours
(subject to such reasonable restrictions as we may impose).
2. THE MANAGERS, THEIR DIRECTORS AND KEY EXECUTIVES
2.1 The Managers
The Managers are UOB Asset Management Ltd (“UOBAM”).
UOBAM is a wholly-owned subsidiary of United Overseas Bank Limited (“UOB”). Established in 1986, UOBAM
has been managing collective investment schemes and discretionary funds in Singapore for over 30 years. UOBAM
is licensed and regulated by the Authority. UOBAM has an extensive presence in Asia with regional business and
investment offices in Malaysia, Thailand, Brunei, Indonesia, Taiwan, Japan and Vietnam. UOBAM has a joint
venture with Ping An Fund Management Company Limited and strategic alliances with Wellington Management
and UTI International (Singapore) Private Limited.
Through its network of offices, UOBAM offers global investment management expertise to institutions, corporations
and individuals, through customised portfolio management services and unit trusts. As at 31 May 2021, UOBAM
manages 57 unit trusts in Singapore. UOBAM is one of the largest unit trust managers in Singapore in terms of
assets under management.
UOBAM’s investments team conducts independent and rigorous fundamental research within a proven investment
process and framework. In equities, UOBAM’s team has acquired specialist skills in investment in global
markets and major global sectors. It combines a disciplined research effort that aims to identify and invest in
high performing businesses at the right price, with a systematic model portfolio construction process, to diversify
sources of alpha to achieve more consistent performance over time. In fixed income, UOBAM’s coverage spans
a wide spectrum comprising G10 government bonds, developed market corporate bonds, Asia sovereigns and
corporates, emerging market bonds and Singapore fixed income. In addition to independent research to uncover
relative value opportunities, UOBAM adopts diversified investment strategies including responsible investment
practices combined with active risk management to generate sustainable total return for its portfolios.
2Since 1996, UOBAM has won a total of 210 awards in Singapore. These awards recognise UOBAM’s investment
performance across different markets and sectors.
As at 31 May 2021, UOBAM and its subsidiaries in the region have a staff strength of over 400 including about 35
investment professionals in Singapore.
We may delegate certain or all of our duties. Currently, we have delegated certain administration and valuation
functions and certain transfer agency functions, in respect of each Sub-Fund, to the administrator, whose details
are set out in paragraph 4.3 below. We have also delegated the investment management of the India portfolio of
the United China-India Dynamic Growth Fund to the Sub-manager whose details are set out in paragraph 3 below.
We maintain professional indemnity insurance coverage which complies with the requirements under applicable
laws, regulations and guidelines, or as directed by the Authority.
See the Deed for details on our role and responsibilities as the managers of the Fund.
Our past performance is not necessarily indicative of our future performance.
2.2 Directors and key executives of the Managers
Lee Wai Fai, Director and Chairman
Mr Lee joined UOB in 1989 and is presently Group Chief Financial Officer with UOB. Mr Lee has previously
held senior positions in the UOB group, including being head of international branches and regional banking
subsidiaries, Deputy Chief Executive Officer of UOB Radanasin Bank Public Company Limited, Head of Finance
as well as Head of Policy and Planning of UOB.
Mr Lee holds a Bachelor of Accountancy (Honours) degree from the National University of Singapore and a
Master of Business Administration degree in Banking and Finance from the Nanyang Business School, Nanyang
Technological University, and has more than 25 years of experience in the banking sector.
Thio Boon Kiat, Director and Chief Executive Officer
Mr Thio is a Chartered Financial Analyst charter holder and graduated with a Bachelor of Business Administration
(First Class Honours) degree from the National University of Singapore. In 2004, he attended the Investment
Management Program at Harvard Business School. In 2006, he also attended the Mastering Alternative Investments
programme at Insead University.
Mr Thio has over 20 years of investment management experience. He joined UOBAM in 1994 from the Government
of Singapore Investment Corporation (GIC), as a portfolio manager managing Singapore, and subsequently
Asia Pacific and Global Equity portfolios. Over the years, he also headed the International Equities and Global
Technology teams. In 2004, Mr Thio was appointed as Chief Investment Officer of UOBAM, a position he held
until 2011 when he was promoted to his current appointment of Chief Executive Officer.
Mr Thio was recognised as “CEO of the Year in Asia” for two consecutive years by Asia Asset Management in
its “Best of the Best Regional Awards 2015” and “Best of the Best Regional Awards 2014” for his outstanding
contributions to UOBAM. He was also conferred the “IBF Fellow” title by the Institute of Banking and Finance
in 2015.
Eric Tham Kah Jin, Director
Mr Tham joined UOB in 2004 and heads Group Commercial Banking which oversees the medium enterprise
business. He is responsible for driving UOB group’s expansion in the medium enterprise business in Singapore as
well as Malaysia, Thailand, Indonesia, China, Hong Kong, Myanmar, Taiwan and Vietnam.
Mr Tham holds a Master of Business Administration degree in Accounting from Nanyang Technological University. He
was conferred the title “Distinguished Financial Industry Certified Practitioner” by The Institute of Banking & Finance
of Singapore in 2010 and recognised as a Fellow Chartered Accountant of Singapore by the Institute of Singapore
Chartered Accountants (ISCA) in 2015. Mr Tham has more than 30 years of experience in the financial sector.
3Peh Kian Heng, Director
Mr Peh Kian Heng joined the UOB group in 2008 and is presently the Head of Corporate Investment Unit. Prior
to joining UOB, he was an investment strategist at OCBC and spent the most part of his career with the Monetary
Authority of Singapore, where his last appointment was Head of Financial Sector Surveillance. He graduated with
MA (Distinction) from the University of Warwick and BSocSci (2nd Upper Honours) from the National University
of Singapore.
Chong Jiun Yeh, Chief Investment Officer, UOB Asset Management
As Chief Investment Officer of UOB Asset Management, Mr Chong leads the investment team in developing the
firm’s long-term investment strategy and in managing asset allocation with the objective to maximise the value of
investments in assets for our investors. He has oversight for the teams managing Equities, Fixed Income, Multi-
Asset, including spearheading the firm’s strategic thrusts in sustainable investing and investment technology.
Prior to joining UOBAM in 2008, Mr Chong was the Managing Director (Fund Management) and Co-Head of
Portfolio Management for ST Asset Management (STAM), a wholly owned subsidiary of Temasek Holdings.
Before that, he was Head of Fixed Income and Currencies at OUB Asset Management. He has vast experience in
managing equities, fixed income and structured investment portfolios, including emerging market local currencies
debts, G7 FX overlays as well as Asia-Pacific equities.
Mr Chong graduated with a Bachelor of Science (Estate Management) (Second Upper Honours) degree from the
National University of Singapore.
3. THE SUB-MANAGER AND INVESTMENT ADVISOR OF UNITED CHINA-INDIA DYNAMIC
GROWTH FUND – INDIA PORTFOLIO
The Sub-manager of the India portfolio of the United China-India Dynamic Growth Fund is UTIIS. UTIIS is
domiciled in Singapore. It was incorporated in Singapore in 2006 and holds a capital markets services licence
to carry on business in fund management issued by the Authority. It has been managing and advising collective
investment schemes and discretionary funds in Singapore since 2008 and as of 31 March 2021 manages about
SGD 4.07 billion in clients’ assets.
In performing its duties as the Sub-manager of the India portfolio of the United China-India Dynamic Growth
Fund, UTIIS may engage UTI AMC as its investment advisor. UTI AMC is one of the oldest asset management
companies in India and as of 26 February 2021 has assets under management of SGD 206.378 billion.
UTI AMC’s investment philosophy is to deliver consistent and stable risk adjusted returns in the medium to long
term, as compared to the broad market, and believes in having a balanced and well-diversified portfolio for all the
funds and a rigorous in-house, research based approach to all its investments.
The past performance of UTIIS and UTI AMC is not necessarily indicative of their future performance.
4. THE TRUSTEE, CUSTODIAN AND ADMINISTRATOR
4.1 The Trustee
The Trustee of the Fund is State Street Trust (SG) Limited, a trust company approved by the Authority under
Section 289(1) of the SFA to act as a trustee for collective investment schemes which are authorised under Section
286 of the SFA and constituted as unit trusts. The Trustee is regulated in Singapore by the Authority.
See the Deed for details on the Trustee’s role and responsibilities.
44.2 The custodian
The Trustee has appointed State Street Bank and Trust Company (“SSBT”), a trust company organised under the
laws of the Commonwealth of Massachusetts and, in respect of such appointment, acting through its Singapore
Branch, as the global master custodian of each of the Sub-Funds.
SSBT was founded in 1792 and is a wholly owned subsidiary of State Street Corporation. It is licensed and
regulated by the Federal Reserve Bank of Boston. State Street Bank and Trust Company, Singapore Branch, holds
a wholesale bank license issued by the Authority and is regulated by the Authority.
SSBT provides custodian services in over 100 markets by utilising its local market custody operations and through
its network of sub-custodian banks. SSBT will appoint sub-custodians in those markets where the Fund invests
where SSBT does not itself act as the local custodian. SSBT has processes for the initial selection, and ongoing
monitoring, of its sub-custodians, each of which is chosen based upon a range of factors, including securities
processing and local market expertise, and must satisfy specific operating requirements in terms of structure,
communications, asset servicing and reporting capabilities. All sub-custodians appointed by SSBT must be
licensed and regulated under applicable law to provide custodian and related asset administration services, and
carry out relevant related or ancillary financial activities, in the relevant market jurisdiction. SSBT will typically
seek to select local branches or affiliates of major global financial institutions that provide sub-custodian services
in multiple markets, although unique market service requirements may result in the selection of an entity as sub-
custodian that is more local in scope.
Other custodians may be appointed from time to time in respect of any of the Sub-Funds or any of their assets.
See paragraph 21.3 below for further details of the custodial arrangement in respect of the Deposited Property.
4.3 The administrator
The administrator of the Sub-Funds is State Street Bank and Trust Company, acting through its Singapore Branch,
which has been appointed by the Managers to provide (i) certain administration and valuation services including
accounting and net asset value calculation pursuant to an Administrative Services Agreement, and (ii) certain
transfer agency services pursuant to a Transfer Agency and Services Agreement, to the Sub-Funds.
5. OTHER PARTIES
5.1 The registrar
State Street Bank and Trust Company, acting through its Singapore Branch, has been appointed by the Trustee as
registrar of the Fund and will be responsible for keeping each Register. Any Holder of a Sub-Fund may inspect its
Register at 168 Robinson Road #33-01, Capital Tower, Singapore 068912 during normal business hours subject to
such reasonable restrictions as the registrar may impose.
Each Register is conclusive evidence of the number of Units in the relevant Sub-Fund or Class held by a Holder.
The entries in each Register shall prevail over the details appearing on any statement of holding, unless the Holder
proves to the Trustee’s and our satisfaction that the relevant Register is incorrect.
5.2 The auditors
The auditors of the accounts of the Fund are PricewaterhouseCoopers LLP.
56. INVESTMENT CONSIDERATIONS
6.1 Investment objective, focus and approach and product suitability
The investment objective, focus and approach and product suitability of each Sub-Fund are set out in the
relevant Appendix.
6.2 Distribution policy
The current distribution policy of each Sub-Fund is set out in the relevant Appendix.
We have the absolute discretion to determine whether a distribution is to be made. If distributions are made, such
distributions are not in any way a forecast, indication or projection of the future or likely performance of the
relevant Sub-Fund.
Distributions are not guaranteed and there is no assurance that any distribution or distribution level will be met.
The making of any distribution does not mean that further distributions will be made. We reserve the right to vary
the frequency and/or amount of distributions and the discretion to determine whether distributions will be paid out
or reinvested. Distributions may be made out of income, net capital gains, and/or (if income or net capital gains is
insufficient) out of capital. The declaration or payment of distributions (whether out of income, net capital gains,
capital or otherwise) may have the effect of lowering the NAV of the relevant Sub-Fund or Class. Moreover,
distributions out of capital may amount to a return of part of your original investment and may result in reduced
future returns.
To the extent permitted by us, you may at the time of an initial application for Units make a request in writing
(a “Distribution Reinvestment Mandate”) to elect for the automatic reinvestment of all but not part of the net
amount of distributions to be received by you in the purchase of further Units of the relevant Sub-Fund or Class.
See the Deed for more information on Distribution Reinvestment Mandates.
6.3 Authorised Investments
(a) The authorised investments of each Sub-Fund (“Authorised Investments”) are as follows:
(i) any Quoted Investment which is selected by us for the purpose of investment of the Deposited
Property of that Sub-Fund;
(ii) any Investment in respect of which an application for listing or permission to deal has been made to
a Recognised Market and the subscription for or purchase of which is either conditional upon such
listing or permission to deal being granted within a specified period not exceeding 12 weeks (or such
other period as may be agreed between the Trustee and us) or in respect of which we are satisfied
that the subscriptions or other transactions will be cancelled if the application is refused;
(iii) any Unquoted Investment which is selected by us for the purpose of investment of the Deposited
Property of that Sub-Fund;
(iv) any Investment which is a unit in any unit trust scheme or a share or participation in an open-ended
mutual fund or other collective investment scheme;
(v) the currency of any country or any contract for the spot purchase or sale of any such currency or any
forward contract of such currency;
(vi) any Investment denominated in any currency;
(vii) any Investment which is a future, option, forward, swap, collar, floor or other derivative; and
(viii) any Investment which is not covered by sub-paragraphs (i) to (vii) above, as selected by us and
approved by the Trustee.
6With effect from 24 August 2021: And, in the case of Sub-Funds which Units are Excluded Investment Products,
only to the extent allowed under the CMP Regulations for the purposes of classifying Units of the relevant Sub-
Funds as Excluded Investment Products.
See the Deed for the full meaning of the terms Quoted Investment, Recognised Market, Unquoted Investment
and Investment.
Each Sub-Fund intends to use or invest in FDIs. Further information is set out in paragraphs 6.5 and 8.1(d) of
this Prospectus, and the relevant Appendix of each Sub-Fund.
6.4 Investment restrictions
(a) The investment guidelines and borrowing limits set out under Appendix 1 of the Code apply to the Sub-Funds.
(b) Currently, the Sub-Funds do not intend to carry out securities lending or repurchase transactions but may do so
in the future in accordance with the provisions of the Code. Accordingly, the relevant Sub-Fund may at such
time in the future become subject to the provisions on securities lending and repurchase transactions as set
out in the Code. With effect from 24 August 2021: Where the Units of a Sub-Fund are Excluded Investment
Products, the Managers shall not engage in securities lending or repurchase transactions for such Sub-Fund,
except where such securities lending or repurchase transactions are carried out solely for the purpose of
efficient portfolio management and do not amount to more than 50% of the NAV of the Sub-Fund.
6.5 Risk management procedures of the Managers on certain investments
(a) Each Sub-Fund may use or invest in FDIs for the purposes set out in the relevant Appendix.
(b) We will use the commitment approach to determine each Sub-Fund’s global exposure to FDIs by converting
its positions in the FDIs into equivalent positions in the FDIs’ underlying assets. Such exposure will be
calculated in accordance with the provisions of the Code. We will ensure that the global exposure of each
Sub-Fund to FDIs or embedded FDIs will not exceed 100% of the relevant Sub-Fund’s NAV.
(c) Below is a description of risk management and compliance procedures and controls adopted by us:
(i) We will implement various procedures and controls to manage the risk of each Sub-Fund’s assets.
Our decision to invest in any particular security or instrument on behalf of a Sub-Fund will be based
on our judgment of the benefit of such transactions to the relevant Sub-Fund and will be consistent
with the relevant Sub-Fund’s investment objective in terms of risk and return.
(ii) Execution of trades. Prior to each trade, we will ensure that the intended trade will comply with
the stated investment objective, focus, approach and restrictions (if any) of the relevant Sub-Fund,
and that best execution and fair allocation of trades are done. Our Governance and Compliance
department will conduct periodic checks to ensure compliance with the investment objective, focus,
approach and restrictions (if any) of the relevant Sub-Fund. If there is any non-compliance, our
Governance and Compliance department is empowered to instruct the relevant officers to rectify the
same. Any non-compliance will be reported to higher management and monitored for rectification.
(iii) Liquidity. If there are any unexpectedly large realisations of Units in a Sub-Fund, it is possible
that the assets of the Sub-Fund may be forced to be liquidated at below their fair and expected
value, especially in illiquid public exchanges or over-the-counter markets. Also, under certain
market conditions such as during volatile markets, crisis situations or trading disruptions, it may
be difficult or impossible to liquidate or rebalance positions. While we will ensure that a sufficient
portion of each Sub-Fund will be in liquid assets such as cash and cash-equivalents to meet expected
realisations (net of new subscriptions), we may in certain situations employ liquidity management
tools such as limiting or suspending realisations in accordance with paragraphs 11.3 or 14. If such
tools are employed, you may not be able to realise your Units during any suspension period or the
realisation of your Units may be delayed.
(iv) Counterparty exposure. A Sub-Fund may have credit exposure to counterparties by virtue of positions
in FDIs and other financial instruments held by that Sub-Fund. To the extent that a counterparty
defaults on its obligations and the relevant Sub-Fund is delayed or prevented from exercising its
7rights with respect to the investments in its portfolio, it may experience a decline in the value of
its assets and in its income stream and incur extra costs associated with the exercise of its financial
rights. Subject to the provisions of the Code, we will restrict our dealings with counterparties to
entities that have a minimum long-term issuer credit rating of above BB+ by Standard and Poor’s,
an individual rating of above C or viability ratings of above bbb by Fitch Inc., a baseline credit
assessment of above a3 by Moody’s Investors Service or an equivalent rating from any other
reputable rating agency. If any approved counterparty fails this criterion subsequently, we will take
steps to unwind the relevant Sub-Fund’s position with that counterparty as soon as practicable.
(v) Volatility. To the extent that a Sub-Fund has exposure to FDIs that allow a larger amount of exposure
to a security for no or a smaller initial payment than the case where the investment is made directly
into the underlying security, the value of the relevant Sub-Fund’s assets will have a higher degree of
volatility. A Sub-Fund may use FDIs for hedging purposes to reduce the overall volatility of the value
of its assets. At the same time, we will ensure that the global exposure of each Sub-Fund to FDIs and
embedded FDIs will not exceed the NAV of that Sub-Fund, as stated in sub-paragraph (b) above.
(vi) Valuation. A Sub-Fund may have exposure to over-the-counter FDIs that are difficult to value
accurately, particularly if there are complex positions involved. We will ensure that independent
means of verifying the fair value of such instruments are available and will conduct such verification
at an appropriate frequency.
(d) We will ensure that the risk management and compliance procedures and controls adopted by us are
adequate and have been implemented, and that we have the necessary expertise to control and manage
the risks relating to the use of FDIs. We may modify the risk management and compliance procedures and
controls as we deem fit and in the interests of each Sub-Fund, but subject always to the requirements under
the Code.
(e) Each Sub-Fund may net its over-the-counter derivative positions with a counterparty through bilateral
contracts for novation or other bilateral agreements with the counterparty, provided that such netting
arrangements satisfy the relevant conditions described in the Code.
(f) Where any Sub-Fund uses or invests in FDIs on commodities, all such transactions shall be settled in cash
at all times.
7. FEES AND CHARGES
7.1 The fees and charges payable in relation to each Sub-Fund are set out in the relevant Appendix. See the Deed for
the full meaning and method of computation of the various fees and charges.
7.2 As required by the Code, all marketing, promotional and advertising expenses in relation to a Sub-Fund will not
be paid from the Deposited Property of that Sub-Fund.
7.3 Any Subscription Fee and Realisation Fee will be retained by us for our own benefit and will not form part of the
Deposited Property of the relevant Sub-Fund. All or part of the Subscription Fee may also be paid to or retained
by our authorised agents or distributors. We will also pay any other commission, remuneration or sum payable to
such authorised agents or distributors in respect of the marketing of Units. Moreover, the authorised agents and
distributors through whom you subscribe for Units may (depending on the specific nature of services provided)
impose other fees and charges that are not disclosed in this Prospectus, and you should check with the relevant
agent or distributor on such fees and charges, if any.
7.4 We may at any time differentiate between investors as to the amount of the Subscription Fee, Realisation Fee,
Switching Fee and other charges (if any) payable to us upon the issue, realisation or switch of Units, or apply such
discounts or waivers as we think fit (provided that such discounts will be borne by us and not by the Sub-Funds).
88. RISKS
8.1 General risks
You should consider and satisfy yourself as to the risks of investing in the Sub-Funds.
Generally, some of the risk factors that you should consider are set out in this paragraph 8.1. The degree to which
these risks affect investments in a Sub-Fund varies depending on the relevant Sub-Fund’s investment objective,
approach and focus and you should also consider the risks specific to the relevant Sub-Fund as referred to in the
relevant Appendix.
You should be aware that the price of Units and the income accruing from them may fall or rise and you may not get
back your original investment. There is no guarantee that the investment objectives of the Sub-Funds will be achieved.
Investments in the Sub-Funds are not meant to produce returns over the short term and you should not expect to
obtain short-term gains from such investments.
The general and specific risks described in this paragraph 8 and in the Appendices are not exhaustive and you
should be aware that the Sub-Funds may be exposed to other risks of an exceptional nature from time to time.
(a) Market risk
You should consider and satisfy yourself as to the usual risks of investing and participating in publicly
traded securities. Prices of securities may go up or down in response to changes in economic conditions,
interest rates and the market’s perception of securities which in turn may cause the value of Units to rise
or fall.
Furthermore, some of the markets or exchanges on which a Sub-Fund may invest may prove to be illiquid
or highly volatile from time to time and this may affect the price at which the Sub-Fund may liquidate its
positions to meet realisation requests.
(b) Foreign exchange and currency risk
General
Each Sub-Fund is denominated in SGD while each Class is denominated in the relevant Class currency.
Where a Sub-Fund makes investments which are denominated in a currency (the “Portfolio Currency”)
that is different from the Sub-Fund currency or the relevant Class currency, fluctuations of the exchange
rates between the Sub-Fund currency or Class currency and the Portfolio Currency may affect the value of
the relevant Units.
In our management of each Sub-Fund, we may hedge the foreign currency exposure of the Sub-Fund or
any Class of the Sub-Fund and may adopt an active currency management approach. However, the foreign
currency exposure of a Sub-Fund or Class may not be fully hedged depending on the circumstances of each
case. Such circumstances include but are not limited to the outlook, hedging costs and market liquidity of
the relevant currency.
Additionally, where a Class of a Sub-Fund is denominated in a different currency from the relevant Sub-
Fund currency, changes in the exchange rate between the Class currency and the relevant Sub-Fund currency
may adversely affect the value of the Units of such Class, as expressed in the Class currency. Subject to the
same considerations in the sub-paragraph above, we may or may not mitigate the exchange rate risks to the
extent of the value of the assets of the Sub-Fund attributed to such Class by hedging such exchange rate
risks, and to the extent that we do not do so, investors will be exposed to exchange rate risks.
Although a financial instrument used to mitigate the exchange rate risks of a Class may not be used in
relation to the other Classes of Units within the Sub-Fund, the financial instrument will comprise the assets
(or liabilities) of the Sub-Fund as a whole. The gains (or losses) on and the costs of the relevant financial
instruments will, however, accrue solely to the relevant Class of Units of the Sub-Fund.
9Hedged Classes
For Hedged Classes, we currently adopt a passive hedging policy to hedge the currency in which the relevant
Hedged Class is denominated (the “Hedged Currency”) against the Portfolio Currency. Notwithstanding
the foregoing, we retain the discretion to adopt any other hedging policy as we may determine from time
to time.
A Hedged Class allows us to use currency hedging transactions to reduce the effect of exchange rate
fluctuations between the Portfolio Currency and the Hedged Currency. The effects of hedging will be
reflected in the value of the Hedged Class.
The aim is that the Hedged Class should reflect the actual return of the Portfolio Currency within the
Sub-Fund, as applicable, plus or minus the interest rate differential between the Hedged Currency and the
Portfolio Currency. However, other factors may impact the return of the Hedged Class which means that
the Hedged Class may not perfectly achieve this aim. These factors include, but are not limited to: (i) any
unrealised profit/loss on the currency forward remaining un-invested until the hedge is rolled over and any
profit or loss is crystallised; (ii) transaction costs; (iii) short-term interest rate changes; (iv) the timing of
the market value hedge adjustments relative to the Sub-Fund’s or Hedged Class’ Valuation Point; and (v)
intra-day volatility of the value of the Portfolio Currency in relation to the existing hedge.
The costs and expenses associated with the hedging transactions in respect of a Hedged Class and any
benefits of the hedging transactions will accrue to Holders in that Hedged Class only.
Hedging transactions may be entered into whether the Hedged Currency is declining or increasing in value
relative to the Portfolio Currency; consequently, where such hedging is undertaken, it may protect investors
in the relevant Hedged Class against a decrease in the value of the currency being hedged but it may also
preclude investors from benefiting from an increase in the value of such currency. Investors in a Hedged
Class will still be exposed to the market risks that relate to the underlying investments in the Sub-Fund
and any exchange rate risks that arise from the policy of the Sub-Fund that is not fully hedged. There is no
guarantee that the hedging strategy applied in a Hedged Class will entirely eliminate the adverse effects of
changes in exchange rates between the Portfolio Currency and the Hedged Currency.
(c) Political, regulatory and legal risk
The value and price of a Sub-Fund’s investments may be adversely affected by international political
developments, changes in exchange controls, taxation policies, monetary and fiscal policies, foreign
investment policies, government policies, restrictions on repatriation of investments and other changes in
the laws, regulations, restrictions and controls in the relevant countries.
(d) Derivatives risk
A Sub-Fund which uses or invests in FDIs will be subject to risks associated with such FDIs. FDIs include
foreign exchange forward contracts and in the case of United China-India Dynamic Growth Fund, equity
index future contracts. An investment in a FDI may require the deposit of an initial margin and additional
deposit of margin on short notice if the market moves against the investment position. If the required
margin is not provided in time, the investment may be liquidated at a loss. Therefore, it is essential that
investments in FDIs are monitored closely. We have controls for investments in FDIs and have in place
systems to monitor the FDI positions of the Sub-Funds. See paragraph 6.5 for more information on our risk
management procedures on certain investments.
(e) Interest rate risk
Interest rates are determined by factors of supply and demand in the international money markets which
are influenced by macroeconomic factors, speculation and central bank and government intervention.
Fluctuations in interest rates of the currencies in which investments of a Sub-Fund are denominated or
fluctuations in interest rates of the currencies in which the underlying assets comprised in the investments
of a Sub-Fund are denominated may affect the value of the Sub-Fund.
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